Independent Bank (IBCP) Proxy Filing summary

Executive summary

• The 2025 Annual Meeting will be held virtually on April 22, 2025, with shareholders able to vote and submit questions online.

• Proxy materials are primarily distributed electronically to reduce costs and environmental impact.

• Shareholders of record as of February 21, 2025, are eligible to vote on key proposals.

Voting matters and shareholder proposals

• Four directors are nominated for three-year terms expiring in 2028.

• Shareholders will vote to ratify Crowe LLP as independent auditors for 2025.

• An advisory (non-binding) vote on executive compensation (say-on-pay) is included.

• No shareholder proposals were received for the 2025 meeting.

Board of directors and corporate governance

• The board consists of 10 members divided into three staggered classes.

• All board committees (audit, compensation, nominating/governance) are composed of independent directors.

• Directors are expected to attend all meetings; all attended at least 75% of meetings in 2024.

• The board separates the roles of CEO and Chairperson, with a Lead Independent Director designated.

• Board diversity in experience, background, and skills is considered in nominations.